New York-based real estate investors The Praedium Group paid $56.5 million this week for The Adeline, a recently completed 237-unit apartment complex on Lake Gem in Maitland.
Constructed in 2018, The Adeline consists of three, 3-story residential buildings with a mix of one-, two-, and three- bedroom units ranging from 694 square feet to 1,475 square feet. Home interiors feature luxe baths with quartz or granite vanity tops, LED lighting, and contemporary open kitchens. Community amenities include a social clubroom with an expansive bar, on-demand fitness, and WiFi at pool, clubroom, and fitness center. In addition, The Adeline offers tenants a unique lakefront-living opportunity, with dock-access, outdoor gathering areas, grilling stations, fire pits, and a community walking path along Lake Gem.
“The Adeline sits in an attractive and accessible location to Orlando’s rapid job growth – situated centrally between many of the major Orlando employment centers, surrounded by over 37 million SF of office in all directions, with 19 million SF within just a 5-minute drive of the property,” Praedium Principal Chris Hughes.
The acquisition took place within six months of the firm’s sale of its Integra Cove community to a Blackstone affiliate for nearly $71 million.
Atlanta-based Pollock Shores Real Estate Group was the developer and seller. The company paid $8.75 million for the 11.4-acre site on Lake Avenue and demolished the former Maitland Shores Apartments, a 128-unit complex built in 1964, before commencing on the luxury Adeline community.